News blog
STM Group
- BY: Andrew Hore |
- POSTED: 18/06/2008 |
STM Group is buying Jersey-based St George’s Financial Services.
STM is paying up to £600,000 in cash and shares and the deal will be immediately earnings enhancing. The initial payment is £450,000 and the rest is dependent on meeting trading milestones.
Just like STM, St George’s is a corporate and trustee services provider. It managed 108 companies and 208 trusts at the end of 2007. It also provides registered office services to 108 companies. It generated an operating profit of around £100,000 on revenues of £500,000 in 2007.
Gibraltar-based STM plans to move into new jurisdictions and offer additional services and bought its first Jersey-based business at the end of 2007. It expects to add more Jersey businesses.
At 67.5p, STM is worth £28.5m.
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